Well, a few months ago I decided to give day trading one last shot. Why? Because of the huge profit potential. Considering all the hours I have already put in and the experience I currently have, I figured I have a better shot here than starting off completely green in some other field. I also find the research I'm currently doing and market dynamics quite interesting. It's an interesting challenge for sure. If I can accomplish what I've set out to do, day trading will absolutely be worth it. I'm continuing off where I left and have already put in quite a few hours. A long term perspective is in place and I will not start with live trading until I have a very reliable and consistent system in place. All loose ends must be nailed down, the market must be mastered and I want to reduce the discretionary element as much as possible. While I had and still have a good 'read' and grasp of the market, my methodology had far too much discretion. I don't think it's possible to really succeed with discretion. Initially, I was hoping to start trading this fall or by the end of 2015, but seeing how things are now, I may not be fully ready in a year or so. Whatever it takes.
hmmm. There are certainly cycles of volatility, seasonality and calendar effects that give me an expectation of a days likely movement. You never can tell for certain though. What I have found valuable though is using the daily expectation to know when to hold or fold. For example if in a trade on a Monday and I am already up 1/3rd ATR I will bank knowing a breakout is very unlikely. Conversely if its a wednesday and we have not yet had much expansion in the week I would be much more inclined to hold. Imo there are opps every day, some days are keyed up to offer more though.